First things first: pensions & why they matter

Starting with the basics, the first thing to think of is yourself, your lifestyle and your security.

The first step you should be taking towards succession planning is making sure that you’ll have a pension for your retirement and starting this pension should be done as early as possible.

This is key, as relying on farm income in retirement can limit succession options and create tax challenges.

Where there is a farming successor, continuing to farm—often alongside the next generation—is usually the most practical solution. Proper income planning is critical to making succession works for everyone involved.

What to transfer

The next step is to consider your own security.

For many farmers, retirement income and capital are closely tied to the farm and farmhouse, making early transfer a real risk.

While transferring the house with the land can be tax-efficient, it may leave the retiring generation vulnerable.

A balanced approach is often to retain the farmhouse and some surrounding land, while transferring most of the farm when ready to step back. This protects personal security, supports the successor, and can still make tax sense through farming in partnership.

Where there's a will, there's a way

Another item to plan for from the start is your Will.

Without a Will, your estate is divided by default rules that can create uncertainty and conflict for a surviving spouse and any farming successor. This can be challenging at any stage of life, particularly where multiple children are involved.

A Will should be treated as a living document, reviewed and updated as your family circumstances and succession plans evolve.

Findings from ifac Irish Farm Report 2026:

• 42% of all farmers do not have a Will

• 32% of farmers over the age of 55 still do not have a Will

• 60% of farmers believe having your own personal pension plan makes succession planning easier